Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2023 and 2024.
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Late annual account NBB
Fiscal year 2024 was filed 440 days after the legal deadline.
Financials
Financial year 2024
HYDROGENICS EUROPE from Westerlo, company number BE0473539251, closed financial year 2024 with a result of € -105.8 million after tax. For that financial year HYDROGENICS EUROPE recorded revenue of € 28.1 million and equity of € 124.5 million. Compared with financial year 2023, the result moved from € -60.6 million to € -105.8 million. The company made a loss. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on October 14, 2026.
€ 124.5 million
▲ 46% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -105.8 million
▼ 75 % more loss than in 2023
Profit after tax over the fiscal year.
€ 40.3 million
▲ 117% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -189.7 million.
People and assets in 2024
245.5
▲ 26.4 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 31 million
▲ 21% vs 2023
€ 126,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 631,438
▼ 46% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
None
No bank loans on the last day of the fiscal year.
€ 17.4 million
▲ 34% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 139 days on average.
€ 5.6 million
▲ 11% vs 2023
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 15,694,703 | € 22,183,273 | € 5,137,911 | € 28,087,212 | ▲ € 22.9 million |
| Profit after taxes | € -13,220,339 | € -23,361,204 | € -60,570,055 | € -105,798,224 | ▼ € 45.2 million |
| Equity | € 4,426,354 | € 11,865,150 | € 85,295,095 | € 124,496,871 | ▲ 46% |
| Total debts | € 26,670,559 | € 69,431,703 | € 96,957,507 | € 114,173,174 | ▲ 18% |
| Cash | € 1,707,065 | € 1,687,370 | € 18,546,134 | € 40,279,904 | ▲ 117% |
| Retained profit | € -27,332,646 | € -23,361,850 | € -83,931,905 | € -189,730,129 | ▼ € 105.8 million |
| Bank debt | € 0 | € 17,567,896 | € 26,714,668 | € 0 | ▼ 100% |
| Balance sheet total | € 33,852,185 | € 84,660,335 | € 193,052,877 | € 257,528,784 | ▲ 33% |
| Employees (FTE) | 102.7 | 149.7 | 219.1 | 245.5 | ▲ 26.4 |
Key figures of HYDROGENICS EUROPE, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to HYDROGENICS EUROPE?
What happened at HYDROGENICS EUROPE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Timothy Proctor stepped down as director. NBB
- Jose Luis De Alba Rovira stepped down as director. NBB
- Zech Christian stepped down as director. NBB
- New annual accounts for financial year 2024: loss of € 105.8 million. filed late Source: NBB ↗
- Jose Luis De Alba Rovira became a director. NBB
- Timothy Proctor became a director. NBB
- Zech Christian became a director. NBB
- New establishment in Westerlo. KBO
In short
From € 13.2 million loss in 2021 to € 105.8 million loss in 2024.
Paid € 32,664 in corporate taxes since 2021.
Pays suppliers within 139 days on average.
Management
It owns 100% of CUMMINS HYDROGEN TECHNOLOGY (SHANGHAI) CO., LTD. and 100% of Cummins New Power, S.L itself.
Directors
According to the 2024 annual accounts
Timothy Proctor
Director
since 2025 · until 2031
Jose Luis De Alba Rovira
Director
since 2026 · until 2031
Zech Christian
Director
since 2023 · until 2029
Establishments
Establishment units
Physical locations of this company
Nijverheidsstraat 48 box C
2260 Westerlo
Nijverheidsstraat 48 C
2260 Westerlo
Active since 19 March 2001
Nijverheidsstraat 10
2260 Westerlo
Active since 26 September 2022
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0473.539.251
- VAT number
- BE 0473.539.251
- Registered office
- Nijverheidsstraat 48 bus C, 2260 Westerlo
- Names & denominations
- HYDROGENICS EUROPE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 December 2000
- Peppol
- Active · Active since 9 Jan 2026
- Activities · NACE
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